Date posted: 27-Jun-07: GR Gopinath, Chairman of Deccan Aviation, states none of its promoters would sell their stake in Air Deccan to UB Holdings, should it fail to acquire the required 20% stake from the open market.
This has put to rest media speculation that the 11.38% stake held by SL Ladhani and his family would be sold to UB Holdings. The lock-in period for Ladhani and his family members ended on 02-Jun-07 .
Speaking to Thomson Financial News after the company´s shareholder meeting, Gopinath said the company may soon raise air fares by about INR600-1,000, and the Indian airliner´s maiden international flight will be to the Middle East, followed by Singapore and Bangkok. Air Deccan hopes to begin international operations by 2008.
Deccan Aviation had sold a 26% stake to UB Group company Kingfisher Airlines on 31-May-07. Put together, the Kingfisher-Air Deccan combine will have the largest fleet, route network and market share in India. The two companies have 71 aircraft, 70 destinations and 33% market share.
